Analysts at Standard Chartered were positive about the future prospects for Bitcoin and Ethereum. The latter, according to their estimates, could rise to $35,000. The Block with reference to the first report of a British financial institution dedicated to cryptocurrencies.
The research team compared Ethereum to a financial market where lending, insurance and exchange operations take place. Bitcoin, in their opinion, is more like a currency. Considering a wider range of use cases, the capitalization of Ethereum will eventually reach the level of the first cryptocurrency.
Analysts predicted the price of Bitcoin in the range of $50,000-$175,000, and Ethereum in the range of $26,000-$35,000. But before Ethereum reaches such heights, the price of Bitcoin must overcome the $175,000 mark. Given the current rates of BTC and ETH, cryptocurrencies should rise by three and ten times, respectively, to confirm the prediction.
“Although in the future, the return on investments in ETH may exceed BTC, the risks are also higher,” bank representatives emphasized.
Recall that the cryptocurrency custodian Zodia Custody, supported by Standard Chartered and Northern Trust, received a license from the UK Financial Conduct Authority.
In June, Standard Chartered partnered with Asia-based BC Group to launch a cryptocurrency exchange for institutional clients.
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